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Saturday, May 12, 2018

Renovate or Move?

Which gives you more bang for the buck? Renovate and stay put or invest in a new home?

Sometimes, on the surface, renovating a home sounds like it may be less costly than buying a new home. Sometimes, investing in a home that needs work and updating is a great opportunity. Sometimes, there are personal reasons for staying put. And, sometimes it makes sense to just move on.

Did you know that renovating a home "too much" can make it not fit the neighborhood? You may end up with the highest price home in the area - one you really like and works for you. But someday, when it is time to sell and all the other houses in the neighborhood list for far less, you are likely looking at a loss (cost of renovating not recovered). A common mistake is taking a 4 bedroom home, knocking down a wall so that there is a larger bedroom. When you go to sell, you will be selling a 3 bedroom home instead of a 4 bedroom. You lowered the value of your home.

Consider a new home that fits your needs. Remember, a home is an investment. Investing in a new home vs investing in renovation has a payoff. I have a booklet that I will send you for free. It arrives by email so send me a note with your request or call me. It gives you some ideas about the return on your investment room to room.